Egyptian businessman Naguib Sawiris is considering investments in various countries including Libya, North Korea, Austria, and Switzerland.
In an interview with news agency Reuters, Sawiris explained that his company Orascom Telecom Media and…
Egyptian businessman Naguib Sawiris is considering investments in various countries including Libya, North Korea, Austria, and Switzerland.
In an interview with news agency Reuters, Sawiris explained that his company Orascom Telecom Media and Technology (OTMT) would be used to buy established mobile phone businesses as well as network licences.
Conversely, non-core operations that were left out of the merger between Wind Telecom and Russia’s VimpelCom last year will be divested, he said. These, according to the article, include sea cable operations and other non-mobile related businesses.
In April 2011, VimpelCom and Wind Telecom merged their operations in a transaction valued at US$20.6bn, including debt, which created the world’s sixth largest mobile operator in number of subscribers.
Wind Telecom was formerly known as Weather Investments, an investment vehicle founded by Sawiris. Wind Telecom also holds a majority stake in Orascom Telecom Holding (OTH). OTH and OTMT recently demerged their operations.
OTMT already has operations in North Korea and, according to Sawiris, plans to bid for a second licence, which is expected to be awarded at the end of 2012.
The magnate is also not giving up on Switzerland, where he offered US$1.5bn for Orange Switzerland but was outbid by private equity firm Apax’s US$1.6bn offer at the end of last year.
Speaking about his and Austrian businessman Ronny Pecik’s joint investment in Telekom Austria, he said that their stake is seen as “an investment of influence”. He was hoping to raise the value of the company, working together with TA’s largest shareholder, the Austrian government. Pecik and Sawiris together own 20.1% in shares and options in Telekom Austria, while state investment vehicle OeIAG controls nearly 28.5% of the business.
